Business Valuation and Federal Taxes : Procedure, Law and Perspective, 2nd Edition

**Praise for __Business Valuation and Federal Taxes Procedure, Law, and Perspective__ Second Edition**"The Honorable David Laro and Dr. Shannon Pratt present a comprehensive primer on federal tax valuation controversies that will benefit both tax practitioners (attorneys and CPAs) and valuation practitioners. . . . It serves as a valued reference source and an introductory text for legal and valuation training." —**Roger J. Grabowski**, Duff & Phelps Corp. from the Foreword "[I]t is refreshing to see these two close observers of valuation issues collaborate on this intriguing volume. What the reader gets is something like a mural—depicting the life of a business appraisal from conception to preparation to the occasional ultimate use by a trier of fact." —**Ronald D. Aucutt**, Esq.McGuireWoods LLP, from the Foreword "This offering from Judge David Laro and Dr. Shannon Pratt fills in some persistent gaps in the business valuation literature, as well as a surprisingly fresh treatment of perennial themes." —**John A. Bogdanski**, Professor of LawLewis & Clark Law School, from the Foreword **Straightforward guidance and perspective on business valuation from two of the nation's top authorities** Written by Senior Judge David Laro and Shannon Pratt, both leading experts on the subject, __Business Valuation and Federal Taxes__, Second Edition provides a comprehensive overview of business valuation procedures. **The new edition offers:** * Insightful perspectives of personal versus enterprise goodwill * New materials on transfer pricing and customs valuations and how recent markets have affected both the income and market approaches * Timely coverage of FAS 157 and its many changes to penalties and sanctions affecting both taxpayers and appraisers * Exploration of new court cases Presenting knowledge and guidance to those who perform valuations as well as those who are affected by them, __Business Valuation and Federal Taxes__, Second Edition is the essential guide to federal taxes and valuation, and specifically valuations relating to business interests.

Praise for Business Valuation and Federal Taxes Procedure, Law, and Perspective Second Edition

The Honorable David Laro and Dr. Shannon Pratt present a comprehensive primer on federal tax valuation controversies that will benefit both tax practitioners (attorneys and CPAs) and valuation practitioners. . . . It serves as a valued reference source and an introductory text for legal and valuation training.
-Roger J. Grabowski, Duff & Phelps Corp. from the Foreword

[I]t is refreshing to see these two close observers of valuation issues collaborate on this intriguing volume. What the reader gets is something like a mural-depicting the life of a business appraisal from conception to preparation to the occasional ultimate use by a trier of fact.
-Ronald D. Aucutt, Esq.McGuireWoods LLP, from the Foreword

This offering from Judge David Laro and Dr. Shannon Pratt fills in some persistent gaps in the business valuation literature, as well as a surprisingly fresh treatment of perennial themes.
-John A. Bogdanski, Professor of LawLewis & Clark Law School, from the Foreword

Straightforward guidance and perspective on business valuation from two of the nation's top authorities

Written by Senior Judge David Laro and Shannon Pratt, both leading experts on the subject, Business Valuation and Federal Taxes, Second Edition provides a comprehensive overview of business valuation procedures.

The new edition offers:

• Insightful perspectives of personal versus enterprise goodwill
• New materials on transfer pricing and customs valuations and how recent markets have affected both the income and market approaches
• Timely coverage of FAS 157 and its many changes to penalties and sanctions affecting both taxpayers and appraisers
• Exploration of new court cases

Presenting knowledge and guidance to those who perform valuations as well as those who are affected by them, Business Valuation and Federal Taxes, Second Edition is the essential guide to federal taxes and valuation, and specifically valuations relating to business interests.

Praise for Business Valuation and Federal Taxes Procedure, Law, and Perspective Second Edition "The Honorable David Laro and Dr. Shannon Pratt present a comprehensive primer on federal tax valuation controversies that will benefit both tax practitioners (attorneys and CPAs) and valuation practitioners. . . . It serves as a valued reference source and an introductory text for legal and valuation training." — Roger J. Grabowski , Duff & Phelps Corp. from the Foreword "[I]t is refreshing to see these two close observers of valuation issues collaborate on this intriguing volume. What the reader gets is something like a mural—depicting the life of a business appraisal from conception to preparation to the occasional ultimate use by a trier of fact." — Ronald D. Aucutt , Esq.McGuireWoods LLP, from the Foreword "This offering from Judge David Laro and Dr. Shannon Pratt fills in some persistent gaps in the business valuation literature, as well as a surprisingly fresh treatment of perennial themes." — John A. Bogdanski , Professor of LawLewis & Clark Law School, from the Foreword Straightforward guidance and perspective on business valuation from two of the nation's top authorities Written by Senior Judge David Laro and Shannon Pratt, both leading experts on the subject, Business Valuation and Federal Taxes , Second Edition provides a comprehensive overview of business valuation procedures. The new edition offers: Insightful perspectives of personal versus enterprise goodwill New materials on transfer pricing and customs valuations and how recent markets have affected both the income and market approaches Timely coverage of FAS 157 and its many changes to penalties and sanctions affecting both taxpayers and appraisers Exploration of new court cases Presenting knowledge and guidance to those who perform valuations as well as those who are affected by them, Business Valuation and Federal Taxes , Second Edition is the essential guide to federal taxes and valuation, and specifically valuations relating to business interests. Praise for Business Valuation and Federal Taxes Procedure, Law, and Perspective Second Edition "The Honorable David Laro and Dr. Shannon Pratt present a comprehensive primer on federal tax valuation controversies that will benefit both tax practitioners (attorneys and CPAs) and valuation practitioners. ... It serves as a valued reference source and an introductory text for legal and valuation training." 'Roger J. Grabowski, Duff & Phelps Corp. from the Foreword "[I]t is refreshing to see these two close observers of valuation issues collaborate on this intriguing volume. What the reader gets is something like a mural'depicting the life of a business appraisal from conception to preparation to the occasional ultimate use by a trier of fact." 'Ronald D. Aucutt, Esq. McGuireWoods LLP, from the Foreword "This offering from Judge David Laro and Dr. Shannon Pratt fills in some persistent gaps in the business valuation literature, as well as a surprisingly fresh treatment of perennial themes." 'John A. Bogdanski, Professor of LawLewis & Clark Law School, from the Foreword Straightforward guidance and perspective on business valuation from two of the nation's top authorities Written by Senior Judge David Laro and Shannon Pratt, both leading experts on the subject, Business Valuation and Federal Taxes, Second Edition provides a comprehensive overview of business valuation procedures. The new edition offers: - Insightful perspectives of personal versus enterprise goodwill - New materials on transfer pricing and customs valuations and how recent markets have affected both the income and market approaches - Timely coverage of FAS 157 and its many changes to penalties and sanctions affecting both taxpayers and appraisers - Exploration of new court cases Presenting knowledge and guidance to those who perform valuations as well as those who are affected by them, Business Valuation and Federal Taxes, Second Edition is the essential guide to federal taxes and valuation, and specifically valuations relating to business interests Business Valuation and Federal Taxes Procedure, Law, and Perspective SECOND EDITION Combining the expert knowledge of Senior Judge David Laro and Shannon Pratt, Business Valuation and Federal Taxes, Second Edition presents the authors'decades of experience, with advice on everything practitioners need to know about the relationship between federal taxes and valuation, and specifically valuations relating to business interests. This reference features indepth examinations of numerous topics that are particularly important to practitioners and explores a broad understanding of the basic knowledge needed to appreciate business valuation. Valuators, CPAs consulting on valuations, attorneys, corporate development officers, and intermediaries on business valuation will benefit from insightful discussions on topics ranging from general definitions to valuing complex business interests, as well as new discussions of: Personal versus enterprise goodwill New materials on transfer pricing and customs valuations and how recent markets have affected both the income and market approaches Coverage of FAS 157 and the many changes to penalties and sanctions affecting both taxpayers and appraisers Several important new court cases Coverage is also included on standards of business valuation, IRS positions, burden of proof in valuation controversies, questions to ask business valuation experts, economic and industry analysis, and tax-affecting passthrough entities. Complete with a full overview of the laws, procedures, and approaches related to business valuation, this invaluable reference is a wellspring of vital information on valuation approaches, techniques, finance-related issues, burden of proof, standards, choice of entity, and much more. Business Valuation and Federal Taxes Procedure, Law, and Perspective SECOND EDITION Combining the expert knowledge of Senior Judge David Laro and Shannon Pratt, Business Valuation and Federal Taxes, Second Edition presents the authors' decades of experience, with advice on everything practitioners need to know about the relationship between federal taxes and valuation, and specifically valuations relating to business interests. This reference features indepth examinations of numerous topics that are particularly important to practitioners and explores a broad understanding of the basic knowledge needed to appreciate business valuation. Valuators, CPAs consulting on valuations, attorneys, corporate development officers, and intermediaries on business valuation will benefit from insightful discussions on topics ranging from general definitions to valuing complex business interests, as well as new discussions Coverage is also included on standards of business valuation, IRS positions, burden of proof in valuation controversies, questions to ask business valuation experts, economic and industry analysis, and tax-affecting passthrough entities. Complete with a full overview of the laws, procedures, and approaches related to business valuation, this invaluable reference is a wellspring of vital information on valuation approaches, techniques, finance-related issues, burden of proof, standards, choice of entity, and much more. Content: Standards of business valuation -- Subsequent events -- Business valuation experts -- Sources of law and choice of courts -- Burden of proof in valuation controversies -- Penalties and sanctions -- How the form of entity affects valuation -- Valuation of S corporations and other pass-through tax entities: minority and controlling interests -- Transfer pricing -- Customs valuation -- Adjustments to financial statements -- Comparative financial statement analysis -- Economic and industry analysis -- Site visits and interviews -- The income approach -- The market approach -- The asset-based approach -- Entity-level discounts -- Minority discounts control premiums -- Discounts for lack of marketability -- Other shareholder level discounts -- Personal versus enterprise goodwill -- Weighting of approaches -- IRS positions -- Business appraisal reports -- Valuation of options -- Questions to ask business valuation experts * Today, valuation is an important and highly sophisticated process, and valuators need legitimate guidance to perform their work. * This book provides guidance on appraising estate, gift, charitable contribution, income taxes, and purposes for which fair market value is the standard.